Neilsoft sets up engg. center in Pune

PUNE: Neilsoft, an engineering and solutions provider, has established a 16,000 sq ft engineering services center at Pune. The center has been established to service projects received for industrial plant design, ship design and buildings and structures. Addressing a press conference, Neilsoft MD, Ketan Bakshi revealed that the expansion would add a capacity of 120 engineers in its design engineering services business unit.

"We have already bagged contracts worth $3 million spread over the next three years from US and UK based companies like Hanson Spancrete, ComCast and Black and Veatch. The new center will service these contracts," he added. The company has begun an aggressive initiative to project Pune as an engineering hub. The new capacity is expected to add revenues to the potential of $ three million per year at 100 percent utilization. With the new contracts, the company would be looking at revenues between Rs 22 crore to Rs 24 crore next year and Rs 55 crore to Rs 60 crore in three years’ time.

Presently, construction design contributes 16 percent of the company revenues. In the next two years, Bakshi sees this increasing to 45 percent. In the past four months, the company has added 24,000 sq ft with staff expected to go upto 200 in a few months. Bakshi said that the team strength could touch the 500 mark in three years.

Neilsoft has plans to commence a major initiative under the R&D group — to develop a new solution EPDLM — a product to detect defects in lifecycle management. The product is expected to hit the domestic market in two years and would be targeted towards the SMR segment in India and would be taken to the international market in the next five years. The company has pumped around Rs 1.5 crore in the development of this product.

Neilsoft is a venture capital backed company with investments from GVFL and SICOM to the tune of Rs 5.5 crore. A recent private funding round saw another Rs 1.5 crore added to its kitty.

CyberMedia News